Timex Group India jumped 5.44% to Rs 101.75 after the company said that it had been granted manufacturing & distribution rights for 'Guess' & 'Gc' branded watches in India.
The watchmaker has sealed agreements with Timex Nederland B.V for the grant of manufacturing and distribution rights of Guess & Gc branded watches for the territory of India.
The deal is a significant win for Timex Group India given Guess & Gc market share, reach and brand recognition in the fashion watch segment.
Speaking on the deal, Sharmila Sahai, managing director, Timex Group India, said, We are delighted to announce this partnership. Guess & Gc branded watches are known for providing quality timepieces for fashion conscious consumers worldwide, and the recognition that these brands have in the Indian market is phenomenal. This strategic collaboration leverages the strength of our retail partner network and allows further expansion of our distribution footprint in the country.
The new agreements are effective from January 2022 and aim to deepen the footprint and reach for both parties in the Indian market.
Timex Group designs, manufactures, and markets timepieces around the world. As one of the largest watch makers in the world, Timex Group companies produce watches under a number of well-known brands, including Timex, Guess, Versace, Salvatore Ferragamo, Gc, Furla, Missoni, adidas, Nautica and Ted Baker.
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Timex Group India reported a net profit of Rs 11.35 crore in the quarter ended September 2021 as against net loss of Rs 3.57 crore during the previous quarter ended September 2020. Sales surged to Rs 87.99 crore in Q2 FY22 from Rs 29.84 crore in Q2 FY21.
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